I do not trade Bitcoin, however I found that my system works well on it.
I posted a chart a while back calling for a short, and that short still stands today. No real progress has been made, there has been a long consolidation period in Bitcoin. I believe that the consolidation period has ended today, and we might see a move. I do not forecast the time it takes for trades to complete, I only do targets.
Right now, I think Bitcoin is bearish and a short position has a higher probability than a long.
Comments
WyckoffMode
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I personally feel there was still a bit more room left for consolidation down to 220 (Coinbase) then a slow long move back up to 228 for more consolidation back to 220-221 again. I really don't see this going sub 200 for sure. My opinion of course. I'm with you on the short. I bought at 221.61 on coinbase. About to let go close to 228.
vlad.adrian
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I don't really understand what you are saying(coinbase), I know nothing about bitcoin. What I do on it is 100% technical analysis, nothing else.
ChartArt
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Currently I would say consolidation after breakdown :) The bottom might be $220. We had six days of downtrend so far, since I published my chart:
If that does not hold then I agree.
blackswan
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good call.. if you don't mind can you post more analysis on bitcoin we need more insights from unbiased analysts like yourself. getting tired of moonshot charts from miners and bitcoin bagholders..